证券研究报告 公司研究 [Table_Author] 唐爱金 医药行业首席分析师 执业编号：S1500523080002 邮 箱：tangaijin@cindasc.com 曹佳琳 医药行业分析师 执业编号：S1500523080011 邮 箱：caojialin@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 净化系统集成引领增长，未来成长动能充沛 [Table_ReportDate] 2025 年 08 月 27 日 [Table_S 事件：公司发布 ummary] 2025 年中期报告，2025 年上半年实现营业收入 8.35 亿元 （yoy+50.73%），归母净利润 0.19 亿元（yoy+273.48%），扣非归母净利润 0.20 亿元（yoy+216.16%），经营活动现金流-2.94 亿元（yoy-74.03%）。其中 2025Q2 实现营业收入 5.40 亿元（yoy+66.45%），归母净利润 0.48 亿元 （yoy+123.63%）。 [Ta ...

Core Viewpoint - Chang Aluminum Co., Ltd. has signed significant contracts in the medical cleanroom sector, indicating a positive outlook for its healthcare business segment [1][2]. Group 1: Contract Details - The company’s subsidiary, Shanghai Langmai, signed a supply contract with Kanglwei (Kunming) Biotechnology Co., Ltd. worth 165 million yuan, which is expected to positively impact the healthcare business [1][2]. - In March, Shanghai Langmai also secured a contract with Chongqing Wangye Biopharmaceutical Co., Ltd. for 145 million yuan, bringing the total contract value for the year to 310 million yuan [3]. Group 2: Financial Performance - The healthcare cleanroom business has shown steady growth, with revenues increasing from 584 million yuan in 2022 to 798 million yuan in 2023, marking a growth rate of 36.64%, and projected to reach 898 million yuan in 2024, a 12.53% increase [3]. - The aluminum foil manufacturing business generated revenues of 6.2 billion yuan in 2022, 6.08 billion yuan in 2023, and is expected to reach 6.95 billion yuan in 2024, accounting for approximately 88% of total revenue [4]. Group 3: Research and Development Investment - The company has invested nearly 1 billion yuan in research and development from 2022 to 2024, with a focus on enhancing product competitiveness [1][6]. - In 2024, the company filed 114 patent applications, including 35 invention patents, and holds a total of 405 authorized patents [6].